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The co-founders of Instagram have agreed to sell the popular
photo sharing app to social network giant Facebook. The sale
price could be around $1 billion, according to reports.

Not bad for a coupla years' work. Released in 2010, Instagram has
seen its user base skyrocket from 1 million users in January 2011
to around 30 million today. Instagram had raised about $47.5
million in venture funding from groups including Andreessen
Horowitz as well as individual investors such as Twitter 's Jack Dorsey.

On Instagram's blog, co-founder Kevin Systrom says the Instagram app is not going away
and that the company's 12-person San Francisco-based team will
work with Facebook to continue to "evolve Instagram and build
the network."

While Facebook will use some of Instagram's features in its
existing products, founder Mark Zuckerberg says in a post that
the Instagram team will be joining the social network and
Facebook will grow Instagram independently.

A request for comment from Systrom and fellow co-founder Mike
Krieger was not immediately returned.

Meanwhile, Facebook is poised to go public
sometime this year with a valuation of roughly $100
billion.